MCLEAN, Va. – Freddie Mac (OTCQB: FMCC (OTC:)), a government-sponsored public enterprise, announced today that its 30-year fixed rate mortgage (FRM) is holding steady, averaging 6.82%. This figure is up slightly from the previous week’s average of 6.79%. By comparison, a year ago, the 30-year FRM averaged 6.28%.
The Primary Mortgage Market Survey® (PMMS®) also reported that the 15-year fixed rate mortgage averaged 6.06% this week, a slight decline from last week’s average of 6.11%. At the same point last year, the 15-year FRM stood at 5.64%.
Sam Khater, chief economist at Freddie Mac, said that despite signs of decreasing inflation rates, mortgage rates are not expected to fall significantly in the near future. However, Khater noted a silver lining in the form of improving housing inventory, which could help moderate home price growth.
Freddie Mac’s survey focuses on conventional, conforming, fully amortizing home purchase loans for borrowers with a 20% down payment and excellent credit. Mortgage rate stability is a key indicator for potential homebuyers and the overall health of the housing market.
The organization has been a cornerstone of the real estate market since 1970, providing liquidity, stability, convenience and equity. Its mission is to facilitate homeownership for families across the United States, regardless of the economic climate.
The information reported is based on a press release from Freddie Mac and reflects the latest data on average U.S. mortgage rates as of today.
Insights on InvestingPro
Freddie Mac (OTCQB: FMCC) remains a prominent player in the financial services industry, with a substantial market capitalization of $4.51 billion. The company’s shares have seen strong returns, with a remarkable total price return of 246.05% over the past year, highlighting its dynamic performance in the market.
A tip from InvestingPro points out that Freddie Mac has seen significant price growth, with a six-month total price return of 151.83%. This upward trend is consistent with the company’s high return over the past month, at 31.78%, and over the past three months, at 76.27%.
It’s worth noting that despite these robust returns, Freddie Mac doesn’t pay dividends to shareholders, indicating that the growth prospects may be the main attraction for investors.
Further insights from InvestingPro reveal that Freddie Mac shares generally trade with high price volatility, which may be a factor to consider for investors with a lower appetite for risk. However, for those who want to delve deeper into the company’s financials and future prospects, there are additional InvestingPro tips available. For example, it is important to note that Freddie Mac’s liquidity exceeds its short-term obligations, providing a cushion for operational needs.
Potential investors and current shareholders can find more in-depth analysis and recommendations by visiting https://www.investing.com/pro/FMCC. Additionally, for those interested in accessing InvestingPro’s full suite of features, please use the coupon code PRONEWS24 to get an additional 10% discount on the annual or biennial Pro and Pro+ subscription. There are a total of 8 additional InvestingPro Tips for Freddie Mac, offering valuable insights for a complete investment strategy.
This article was generated with the support of AI and reviewed by an editor. For further information please see our T&Cs.